There are 3 points
1) Reserve Fund
2) Net Payable To Seller
3) Net Receivable From Seller
1) Reserve Fund
Initially for any order amount funds will be displayed 1st in Reserve Fund in seller Statement of Account.
From Reserve Fund amount will be transferred to Net Payable To Seller after the return/replacement period is expired/over for particular product ordered.
This Reserve Fund is to ensure that there is enough funds available to fulfil refund of buyers request, chargeback or claims.
If any claim or return/refund/replacement request is placed by the buyer than that amount will be hold in the Reserve Fund until the
Claim is settled between buyer and seller.
Vedson might also hold your funds in reserve funds if there is any vulnerability in your seller account, sales or any other activity.
2) Net Payable To Seller
This amount indicate that amount is payable to seller by the marketplace (Vedson).
For any order after the return/replacement policy Days is over/expired than only amount of that order will be displayed/added in Net Payable To Seller From Reserve Fund.
3) Net Receivable From Seller
This amount indicate that amount is receivable by the marketplace (Vedson) from the seller.
Payment Settlement
Vedson has a normal practice of payment settlement (Net Payable To The Seller) to the sellers having payment cycle of 3 days from the date of Return/Replacement Period Days is expired of particular product mentioned on product detail page for all sellers registered with Vedson. If any return/replacement request is not registered by the customer.
Payment Settlement date for all sellers will be 3, 9, 12, 15, 18, 21, 24, 27, 30 date of every month.
Example of payment settlement cycle, reserve fund and net payable to seller – Seller gets order on 1st January 2021 and return/replacement period for that ordered product is 5 days after the package is delivered to the buyer.
1) Initially order amount will be displayed/added in Reserve Fund as soon as seller has shipped the product.
2) Package is delivered to the buyer on 8 Janurary 2021.
3) Return/Replacement period of the ordered product ends on 13 January 2021
4) On 14 January 2021 order amount will be transferred from Reserve Fund to Net Payable To Seller in seller statement of account. Seller Panel ? Payments ? Statement of Accounts
5) Payment settlement date for this order will be 15 January 2021. On or after 15 January 2021 Funds will be disbursed to the seller bank account.
Flow Chart of Payment Settlement
1st January 2021
8th January 2021
13th January 2021
15th January 2021
Payment Cycle
As in above example case we have seen that payment for an order will be transferred From Reserve Fund To Net Payable To Seller on 13th January 2021. But for every seller payment cycle date is 3,6,9,12,15,18,21,24,27,30 date. So in this case seller will receive the amount in payment cycle date of 15th of the month for this order.